City Council

PH 3. Approval of the issuance of bonds related to TEFRA financing for the Sierra Azul\nApartments Project\nRecommendation(s):\n1. Conduct the public hearing under the requirements of the Tax Equity and Fiscal\nResponsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended.\n2. Adopt Resolution No. ____ approving the issuance of the bonds by the California\nMunicipal Finance Authority (CMFA) for the benefit of Lancaster Pacific Associates, LP\n(Borrower), for the financing of the Sierra Azul Apartments Project.\nThe CMFA was created on January 1, 2004 , pursuant to a joint exercise of powers agreement\nto promote economic, cultural, and community development through the financing of\neconomic development and charitable activities throughout California. To date, over 350\nmunicipalities have become members of CMFA. The CMFA assists local governments, non-\nprofit organizations, and businesses with the issuance of taxable and tax-exempt bonds aimed\nat improving the standard of living in California. Its representatives and Board of Directors\nhave considerable experience in bond financing.